Peking Duct Tape Company has outstanding a $1,000-face-value bond with a 14 percent coupon rate and 3 years remaining until final maturity. Interest payments are made semiannually.

The Ghafoor Company paid $ 2 of dividends this year. If its dividends are expected to grow at a rate of 3 percent per year, what is the intrinsic value for Ghafoor common stock if the required rate of return is 10% and life of investment is 3 years and the market price expected after 3 years is $22

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